05-22-2015, 09:41 AM
Whatever the OP does, they are going to get hosed, simply because of the interest rate, no credit especially without a cosignor is
Get money for a down payment and secure a co-signer.
Expect to pay anywhere between 10% - 18% interest with no credit.
If you want me to break down the math, top tier credit can easily secure 3% on a 72 month loan financing 20K that is about 300 dollars. With no credit, if you're lucky for arguments sake lets say you get 13% at those rates you are paying 400 dollars a month, over the life of the loan well that's close to 7grand extra in interest that you will pay.
You will get hosed if you go for a new car. It is what it is. Good luck
Get money for a down payment and secure a co-signer.
Expect to pay anywhere between 10% - 18% interest with no credit.
If you want me to break down the math, top tier credit can easily secure 3% on a 72 month loan financing 20K that is about 300 dollars. With no credit, if you're lucky for arguments sake lets say you get 13% at those rates you are paying 400 dollars a month, over the life of the loan well that's close to 7grand extra in interest that you will pay.
You will get hosed if you go for a new car. It is what it is. Good luck